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Sina Weibo Leads $500 Million Funding for Live Video Firm Yixia

Sina Weibo, one of China’s leading microblogging companies, is to lead a $500 million investment round for Yixia Tech, a company which operates Sina Weibo’s live video streaming operations.

Sina Weibo will invest $120 million while other investors include Shanghai Media Group, Everbright and Focus media. Sina Weibo had previously put up $190 million, while other existing investors include Sequoia Capital and Korean talent agency YG Group.

Yixia has two apps Miaopai and Xiaokaxiu which lets online users shoot and edit 10 second videos that can be uploaded to social media sites. Its live streaming service was launched in May this year and has been used for over 10 million live videos. That is understood to have helped Sina Weibo halt a recent decline in usage of its platforms.

The finance is expected to help Magilm expand in marketing and film distribution, and also help it diversify into TV and animation.

The company is headed by Bo Jin and Wang Wei. It is the fourth time that the startup has raised capital since 2013. Each funding round has increased in size, from an initial $1.4 million, to $8.7 million in 2014 and $14.5 million in 2015.

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